Common use of Grant of Nonqualified Stock Option Clause in Contracts

Grant of Nonqualified Stock Option. Subject to the terms and conditions set forth herein, the Company grants to the Participant a Nonqualified Stock Option to purchase from the Company ________ Shares at an Option Price of $______ per Share, subject to adjustment as provided in Section 8 hereof. This Option is exercisable in accordance with the following schedule: as to: any time after: ___________Shares ______________ an additional _______ Shares ______________ an additional ________ Shares ______________ an additional ______ Shares ______________ This Option shall expire on _____ __, _____; provided, however, that (i) if the Participant's employment with the Company is terminated prior to the exercise in full of this Option, then the rules of Section 7 shall apply, and (ii) notwithstanding anything to the contrary herein, the Company shall not be required to issue or transfer any certificates for Shares purchased upon exercise of this Option until all applicable requirements of law have been complied with and, if applicable, such Shares shall have been duly listed on any securities exchange on which Shares may then be listed.

Grant of Nonqualified Stock Option. Subject to the terms and conditions set forth herein, the Company grants to the Participant a Nonqualified Stock Option to purchase from the Company __________ Shares at an Option Price of $______ per Share, subject to adjustment as provided in Section 8 hereof. This Option is exercisable at any time after ______ __, ______ in accordance with the following schedule: as to: any time after: ___________Shares ______________ / / ----- -- -- -- an additional _______ Shares ______________ / / ----- -- -- -- an additional ________ Shares ______________ / / ----- -- -- -- an additional ______ Shares ______________ / / ----- -- -- -- This Option shall expire on _____ __, _/__/____; provided, however, ; however that (i) if the Participant's employment with the Company is terminated prior to the exercise in full of this Option, then the rules of Section 7 shall apply, and (ii) notwithstanding anything to the contrary herein, the Company shall not be required to issue or transfer any certificates for Shares purchased upon exercise of this Option until all applicable requirements of the law have been complied compiled with and, if applicable, such Shares shall have been duly listed on any securities exchange on which Shares may then be listed.